Financial institution of America Premium Rewards Credit score Card Evaluate

Financial institution of America’s reply to the Chase Sapphire Most well-liked Card is the Financial institution of America® Premium Rewards® Credit score Card, a premium piece of plastic that rewards eating and journey purchases above all else.

In some respects, it’s higher than Sapphire Most well-liked. In others, it falls quick. All in all, it’s a greater deal — a extremely whole lot, truly — for loyal Financial institution of America clients who’ve a minimum of $100,000 in Financial institution of America deposit accounts and Merrill Lynch funding accounts.

Take a couple of minutes to overview the Financial institution of America Premium Rewards card’s key promoting factors and resolve whether or not it’s best for you.

What Is the Financial institution of America Premium Rewards Credit score Card?

The Financial institution of America Premium Rewards Credit score Card is a premium journey rewards bank card that earns 2 factors per $1 spent on eligible journey and eating purchases. All different eligible purchases earn 1 level per $1 spent.

The Financial institution of America Premium Rewards card has another notable advantages for frequent vacationers, together with as much as $100 in assertion credit annually towards qualifying airline incidental charges. That’s sufficient to offset the cardboard’s $95 annual charge when totally utilized.

What Units the Financial institution of America Premium Rewards Credit score Card Aside

The Financial institution of America Premium Rewards Card has three key advantages that set it aside from different high-end journey bank cards:

• Stable Baseline Rewards Price. This card earns 1.5x factors per $1 spent on all eligible purchases apart from eating or journey. That in and of itself isn’t an incredible charge of return, nevertheless it’s a great baseline provided that that is in the beginning a journey and eating card.
• Implausible Worth for BofA Most well-liked Rewards Members. Most well-liked Rewards members can earn as much as 75% extra factors on purchases, relying on their loyalty tier. That bumps the bottom earn charge to 2.625x and the bonus earn charge to three.5x.
• Unusually Versatile Redemption Choices (Not Simply Journey). Financial institution of America’s affiliation with Merrill Lynch is a key profit right here. You possibly can redeem your rewards factors not simply as a press release credit score to your card or a deposit to your Financial institution of America checking account, however as a deposit to your Merrill Lynch funding account (together with eligible 529 plans) as properly.

Key Options of the Financial institution of America Premium Rewards Credit score Card

These are crucial options of the Financial institution of America Premium Rewards card, for higher or worse. Word the superb sign-up bonus, travel- and dining-focused rewards program, value-added journey advantages, and rewards boosts for BofA Most well-liked Rewards members.

Signal-up Bonus

Earn 50,000 on-line bonus factors (a $500 worth if you redeem for reward playing cards, assertion credit, and extra) after you make a minimum of $3,000 in purchases inside 90 days of your account opening date.

Incomes Rewards

Earn limitless 2 factors (2x factors) for each $1 you spend on eligible eating and journey purchases.

Earn 1.5 factors (1.5x factors) for each $1 spent on all different eligible purchases. 

Your factors gained’t expire so long as your account stays open and in good standing. There’s no cap on the variety of factors you may earn general.

Redeeming Rewards

You possibly can redeem your amassed factors for:

• Assertion credit on to your Most well-liked Rewards account (that is the quickest and possibly best choice for many customers)
• Deposits to a qualifying linked Financial institution of America account (solely helpful when you’re a Financial institution of America banking buyer)
• Deposits to a qualifying linked Merrill Lynch funding account, together with eligible 529 plans (once more, helpful primarily when you’re a buyer)
• Present playing cards, journey purchases, and different objects by means of the Financial institution of America rewards middle

Bonus Factors for Most well-liked Rewards Members

One of the crucial interesting options of the Financial institution of America Premium Rewards card — and really all Financial institution of America playing cards — is its favorable therapy of loyal Financial institution of America clients.

Cardholders with a minimum of $20,000 on deposit with Financial institution or America and/or invested with Merrill Lynch qualify for the Most well-liked Rewards loyalty program. Amongst different perks, they’re entitled to bonus factors on Premium Rewards card purchases, beginning at 25% and going all the way in which as much as 75%. 

Backside line: If you have already got substantial belongings within the Financial institution of America ecosystem, this card is a no brainer.

As much as $100 in Airline Incidental Charge Assertion Credit Every 12 months

One other nice good thing about the Financial institution of America Premium Rewards card is its airline incidental charge assertion credit score perk, which is value as much as $100 yearly. Eligible charges embody however aren’t restricted to:

• Baggage charges
• Seat choice and improve charges
• In-flight leisure purchases
• In-flight meals and beverage purchases
• Airline lounge charges

Take full benefit of this credit score to maximise your card’s worth (and greater than offset its annual charge). 

As much as $100 in Airline Safety Assertion Credit Each 4 Years

You’ll additionally qualify for a press release credit score as much as $100 towards qualifying airline safety charges — particularly, World Entry or TSA PreCheck. If you happen to can spare the time for the background verify and interview, there’s no motive to not make the funding.

Extra Card Advantages

Different notable advantages of the Financial institution of America Premium Rewards card embody:

• Primary journey insurance coverage protection, together with journey interruption and cancellation, baggage delay, and misplaced baggage, topic to limitations and exclusions
• 24/7 roadside dispatch
• Rental automobile collision and theft insurance coverage if you decline the rental automobile firm’s provide of protection
• 24/7 Visa Signature concierge service
• Particular advantages at properties within the Visa Signature Resort Assortment, together with welcome items, lodge/resort credit, and versatile checkout occasions

Vital Charges

An important charge right here is the $95 annual charge, which applies from the primary 12 months. There’s no overseas transaction charge. Different charges might apply.

Credit score Required

This card requires glorious credit score. In case your FICO credit score rating is way under 740, you could have problem qualifying.

Benefits of the Financial institution of America Premium Rewards Credit score Card

These are the highest benefits of the Financial institution of America Premium Rewards card.

• Wonderful Incomes Potential for Financial institution of America Most well-liked Rewards Members. Financial institution of America Most well-liked Rewards members earn as much as 75% extra factors on eligible purchases, relying on their loyalty tier. The highest eligible charge is 3.5x on journey and eating purchases, higher even than super-generous opponents just like the Chase Sapphire Reserve Card.
• Respectable Baseline Earn Price (1.5x). This card has a great baseline earn charge: 1.5x factors on all eligible purchases (and better for Most well-liked Rewards members). That’s a greater return than most competing journey and eating playing cards, which earn a extra normal 1x charge on non-favored purchases.
• Wonderful Signal-up Bonus. This card’s sign-up bonus is value as much as $500, relying on the way it’s redeemed. That’s consistent with different high journey and eating playing cards, if not fairly category-leading.
• As much as $100 in Airline Incidental Charge Assertion Credit Each 12 months. That is greater than sufficient to offset the annual charge when totally utilized. If you happen to fly two to a few occasions per 12 months and verify a bag every time, that shouldn’t be an issue.
• Stable Resort and Journey Advantages. This card has some strong value-added journey advantages, together with resort/amenity credit and welcome items at high-end inns and an array of beneficiant journey insurance coverage protections.
• No International Transaction Charges. This card has no overseas transaction charges. It’s an ideal match for individuals who recurrently journey overseas.

Disadvantages of the Financial institution of America Premium Rewards Credit score Card

Take into account these drawbacks earlier than making use of for the Financial institution of America Premium Rewards Credit score Card.

• Has a $95 Annual Charge. The Financial institution of America Premium Rewards card has an unavoidable annual charge ($95) starting within the first 12 months. If you happen to don’t spend closely sufficient to offset this charge by means of rewards (and ideally by means of the airline incidental charge credit score as properly) then this isn’t the cardboard for you.
• No Journey Switch Companions. In contrast to the Chase Sapphire and Capital One Enterprise playing cards (Enterprise Rewards and Enterprise X), BofA Premium Rewards doesn’t allow you to switch factors to its journey companions. (As a result of it apparently doesn’t have any.) This can be a nice method to multiply your return on these different playing cards and thus a giant omission right here.
• No Common Journey Credit. Regardless of the above-average journey advantages and the airline incidental charge credit score, the Financial institution of America Premium Rewards card doesn’t provide any normal journey credit a la the $300 annual journey credit that each Enterprise X and Sapphire Reserve cardholders can look ahead to annually. 
• Rewards Potential Capped at 2x for Non-Most well-liked Rewards Customers. If you happen to’re not a Most well-liked Rewards member, your earn charge tops out at 2x right here — decrease than Sapphire Most well-liked’s 5x on journey booked by means of Chase and 3x on eligible eating, on-line grocery, and streaming purchases.

How the Financial institution of America Premium Rewards Credit score Card Stacks Up

Earlier than you apply for this card, contemplate the way it stacks up towards one other very fashionable journey and eating bank card from a giant U.S.-based financial institution: the Chase Sapphire Most well-liked Card.

Closing Phrase

The Financial institution of America Premium Rewards Credit score Card is likely one of the greatest bank cards from Financial institution of America and one of many high 15 or so greatest journey rewards bank cards (although there’s quite a lot of competitors in that class). It’s within the high 10 (or so) greatest eating bank cards too.

Does that imply it’s the most effective Financial institution of America and/or journey bank card for you? Must you rush to use for it so that you don’t waste one other reward-less day?

If you happen to don’t have already got a go-to journey or eating bank card, my vote is sure. You need to apply for this bank card, and shortly — when you’ve thought of the options and determined it’s the most effective match for you.

You’re more likely to really feel that method — that the Financial institution of America Premium Rewards Credit score Card is the most effective journey and eating card for you — when you’re an present BofA shopper with a minimum of $20,000 (and ideally a minimum of $100,000) within the financial institution and/or market. If not, that is nonetheless a great card, however not fairly the slam-dunk worth it’s for higher-level Most well-liked Rewards members.